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Sofia Ashmore

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The British Insurance Brokers’ Association (BIBA) has welcomed today’s announcement from the Department for Transport on its plans to crack down on uninsured vehicles.

Commenting on the announcement, Graeme Trudgill, BIBA Technical and Corporate Affairs Executive, said: “It is fantastic news that will lead to safer roads for all. We are all paying for the £500 million cost of uninsured drivers and welcome this positive progress  The motor insurance database and the DVLA registered keepers database both already exist, so it makes perfect sense to compare the two and catch those who contribute to the 26 deaths and 23,000 injuries per year.

“BIBA has been working with the industry and Government to find a solution and believe that these new plans will benefit all road users. It is important for people to stay insured for financial protection and to comply with the law.”

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Dexia, the Franco-Belgian financial group, who announced few weeks ago to be strong enough to stay independent by the end of 2010 is now planning to sell a French life insurance unit.

“The group will at the end of 2010 have a profitability and balance sheet that will allow it to pursue its autonomy,” Chief Executive Pierre Mariani said.

The unit in question is Dexia Epargne Pension. Dexia declined to comment on the matter.

French business newspaper La Tribune reported earlier on Tuesday that Swiss Life, Suravenir and French bank Credit Mutuel were interested in buying Dexia Epargne Pension.

La Tribune added that Dexia Epargne Pension could be sold for between 100 million and 120 million euros ($146-$176 million).

Source : News-Insurances with Reuters

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Aon Corporation today announced that Erin Hilton, a professional with over six years in the insurance industry, has joined the office of Aon Risk Services in Phoenix, Arizona as Senior Account Specialist.

Hilton joins Aon from Willis HRH.  She has expertise in client management, property and casualty policy marketing, and claims coordination.

“Our Arizona operations are growing rapidly as many organizations are looking for value in the solutions their broker brings to them,” said Karen Mildenhall, resident managing director of Aon Risk Insurance Services West. “Erin’s can-do attitude, coupled with her expertise, is a definite win for our clients and the Aon organization.”

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Hibernian Aviva, Ireland’s largest insurer, published claims data, which revealed some major challenges to farm safety in Ireland. According to the claims data, there is a failure among farmers to realise the danger of working with animals as nearly one third of all farm accidents are caused by livestock. A further 25% of farm accidents are caused by motor accidents involving farm machinery and 5% of farm incidents result from someone falling from a height as a result of a slip or fall on the farm.

Regionally, Kilkenny shows the highest incidence of farm accidents followed by Louth, Cork, Dublin and Waterford. The claims data also reveals that farm accidents are most likely to occur on a Friday and the incidence of farm accidents involving injuries is much higher during the spring and summer than the autumn and winter months.

The Health and Safety Authority also recently published research revealing over a third of all work-related deaths occurred in the agricultural sector last year. A total of 21 work-related deaths took place in the farming sector in 2008 – double the 11 deaths that took place in 2007. Three of these 21 fatal accidents involved children.

Commenting on the claims data, Michael Brennan of Hibernian Aviva said: “The claims data highlights the most common dangers facing Ireland’s farmers. At Hibernian Aviva we recognise that farm work is difficult work and we support Ireland’s farmers in making their farm a safer place and hope that future claims data will reveal a reduced number of injuries on Ireland’s farms”.

To help protect the safety of Ireland’s farmers and encourage them to always put safety first, Hibernian Aviva has launched a Safety First campaign. The campaign is centred on Hibernian Aviva’s brand promise of ‘Looking Out For You’ and includes the publication of a Farm Safety Guide (available at www.hibernianaviva.ie) and a series of farm safety events at selected Hibernian Aviva branches nationwide.

Some of the key safety tips included in the Hibernian Aviva Farm Safety Guide include:

  • Regularly check secure fencing around the holding fields of farm animals.
  • Check all machinery and equipment on a daily basis to make sure that it is in safe working order.
  • Take extra caution when working at height to avoid slipping or falling.
  • Make sure all emergency phone numbers are in full view at the phone in the event of an accident taking place on the farm.

Speaking about the new Hibernian Aviva Safety First campaign, Michael Brennan of Hibernian Aviva said: “Our Safety First farm safety events and our new Farm Safety Guide aim to support farmers by helping them to identify and address potential risks”.

“We also incentivise farmers to make their farm a safe farm by offering a ‘Safe Farm’ discount of up to 15% off farm insurance premiums if farm owners employ safe working practices on their farm”.

We hope that by linking safe farming to significant reductions in insurance premiums we will incentivise farm owners to make their farm a safe farm”, continued Michael Brennan. The Hibernian Aviva Farm Safety Guide is available at www.hibernianaviva.ie or from any one of Hibernian Aviva’s 27 branches located throughout the country.

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As more businesses face liquidation, directors and officers are at greater risk of being sued, says Aviva.

The Insolvency Service statistics released for the first quarter of 2009 show that in total, there were 4,941 compulsory liquidations and creditors’ voluntary liquidations, an increase of 7.1% on the previous quarter and an increase of 56% compared to last year.*

Robin Farquhar, head of specialist lines for Aviva, said: “As we become a more litigious society, directors and officers are facing additional pressures as more businesses face closure.

“When a firm faces insolvency, a director’s duty to creditors intensifies. In all types of winding-up, the official receivers can examine the conduct of a firm’s past and present directors and officers. Insolvency practitioners will often try to recover money for a company’s creditors by bringing a claim against a director for either a breach of their duties, or fraudulent or wrongful trading.

“The Companies Act 2006 sets out the duties and obligations of company directors, making them liable not just for the long-term success of the business, but also for the supplier and customer relationships, the interests of employees, fairness towards shareholders and environmental impacts.

“As directors are automatically exposed to unlimited liability, allegations made against them, whether they are guilty or not can be costly. And not knowing the ins-and-outs of the law is no defence.”

Aviva has structured its Management Liability policy to provide protection against the exposures that private companies face. Along with its Directors and Officers Liability policy, Aviva can also incorporate additional protection for companies with two new cover options:

Corporate Legal Liability protects companies against the financial consequences of a wide range of claims made against them. Policy cover includes the cost of defence, and in some cases the amount of awards and damages, as a result of claims and prosecutions made against the company in a wide range of situations.

Employment Practices Liability protects companies against financial loss from claims made by employees for a wide range of employment practice violations including unfair dismissal, discrimination and harassment.

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Towergate Risk Solutions appoint more client facing staff

Rob Browne has been appointed as Account Executive at Towergate tlc based in Warwick to help build the business in the region.  Rob joins from SBJ where he was a Divisional Director.  He brings an in depth broking and underwriting knowledge spanning over 22 years in the insurance industry.

Natalie Wood has joined Towergate Coverex to help develop new business opportunities in the event, film and media insurance space.  Natalie has more than 12 years experience of working in the entertainment and media insurance industry.  She joins from FML Insurances Services based in Southend

Amanda Blanc, CEO of Towergate Risk Solutions said, “These two appointments and other recent signings strengthen our client facing capabilities.  We are always seeking to recruit talented and ambitious people and both Rob and Natalie certainly fit this profile.”

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The Employee Benefits Practice of Willis HRH, the North American retail arm of Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced it has formed a strategic alliance with Concentra, a U.S.-based national healthcare company, to offer flexible, customized solutions to improve employee health management initiatives and lower healthcare costs for Willis client companies.
By teaming up with Concentra, Willis HRH has enhanced its wellness value proposition to clients with a fresh approach to combating growing healthcare costs. Willis HRH will be able to offer a number of additional services designed to help clients strengthen their employee health management programs by addressing employee health conditions outside traditional channels.

Under the alliance, Willis HRH employee benefits clients will have the opportunity to take advantage of Concentra’s innovative worksite clinic solutions, which bring efficient and convenient healthcare services to more employees. These clinics offer extensive health and wellness services, including employee health screenings, direct health coaching, and employee engagement and education strategies. Addressing health issues at the workplace keeps routine services out of the higher-cost medical delivery system, saving money and limiting the impact of lost productivity due to time away from work. Additionally, Willis HRH clients can benefit from Concentra’s leadership position in occupational health and urgent care.

Commenting on the alliance, Jim Blaney, Willis HRH Employee Benefits Chief Growth Officer, said, “Willis HRH is dedicated to providing innovative solutions to help our clients in their quest to address rising healthcare costs. Additionally, we are focused on identifying tools that assist our clients with the broad challenges associated with workforce productivity. Working with Concentra, we are able to offer more resources, such as on-site clinics, to address preventive, routine and even acute healthcare issues, as well as complete employee engagement approaches to health, wellness and productivity. We are excited to work with an organization that brings a comprehensive approach to the table.”

Jim Greenwood, CEO of Concentra, said, “Working with companies across the country, Concentra has helped leading employers make a significant difference in the health of their workforces. Through this alliance with Willis HRH, we welcome the opportunity to offer our wide-ranging health programs to more employers. Our solutions make it easier for companies to take an active role in the health of their employees, curbing the effects of unhealthy behaviors, and furthering the growth of business operations in the U.S.”

The Willis HRH alliance with Concentra represents a new option in traditional employee healthcare benefits that improves access and affordability of medical care and preventive health services. At the same time, these programs target the behaviors and issues that lead to poor health and chronic conditions, which are the primary contributors to rising healthcare costs for employees and employers. Because these programs are customizable, Willis HRH can work with its clients to develop an offering that meets the unique needs of each client’s workforce.

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Legal & General today announced the appointment of Simon Ellis as Managing Director of the Unit Trust business.

Simon will be responsible for the continued growth and expansion of our successful active and index unit trust business, and will report to Mark Gregory, Executive Director, Savings.

Simon has a wealth of financial services expertise and has worked in the industry for over 25 years. He was the Managing Director of Fidelity International Multi-Manager business, and has more recently been the Managing Director for the Financial Services Skills Council (FSSC), tasked with undertaking a government prompted review of the FSSC’s future strategy.

Mark Gregory, Executive Director, Legal & General said: “I am delighted Simon has agreed to join Legal & General. He brings great industry expertise and knowledge. I look forward to working with Simon as we continue to develop and expand the unit trust business.”

Legal & General is the 3rd largest unit trust manager with over £21.7bn in funds, and the 2nd largest ISA fund manager with £5.7bn of funds under management. (IMA, 31st July 2009). Its product suite includes index and active equity and fixed income funds, and property.

Simon will start his new role in October. Prior to working for Fidelity International and the FSSC, he was head of UK retail and CEO of multi-manager at Axa Investment Managers, and head of UK retail at Henderson.

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Commercial lines underwriter Arista is gearing up for further growth with the appointment of Neil Hammond as head of liability.

Neil will be based at Arista’s headquarters in London and report to head of underwriting Richard Addis. He will be responsible for growing Arista’s liability account and managing its profitability.

He joins from Allianz, where he has spent the last four years as liability underwriting manager.  Neil has 20 years liability underwriting experience, including senior positions at both AIG and Eagle Star.

Commenting on the appointment, Arista’s chief executive, Charles Earle, said: “We are very pleased to have secured Neil’s talents and experience as the management of our liability portfolio is an important area for Arista. It is vital for Arista that we understand and grasp all the opportunities to grow this part of our business, and so further enhance what we offer our brokers, while continuing to manage the underwriting performance across our composite portfolio.  That will all play a major part in ensuring our long-term success and Neil is critical to this.”

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Melted glacier water, human remains and a portable lavatory are just some of the unusual items Britons today store in their garages because, as a new survey from Ecclesiastical Insurance shows, most of us can’t fit our car in there anymore.

  • Brits now cram over £2,000-worth of possessions into their garages – but not their cars
  • 1-in-10 Brits works out in the garage
  • Wales is the land of the double garage
  • Scots have the nation’s fullest garages

Although built to house the nation’s automobiles, the new survey reveals that 47% of garage owners cannot get their vehicle into their garage because they have filled it with an increasing number of possessions or their car is just too large to fit. Others use it as a home gymnasium or a place to conduct their hobbies – particularly men.

Almost half of all Britons (47%) report that their possessions, not including their car, now take up three-quarters or more of the space in their garage. Only 11% of us can claim a garage that is less than a quarter full.

As pressure on storage space within many homes has grown, Ecclesiastical’s survey shows that Briton’s are now forced to keep an eclectic range of items in their garages, making traditional tools and gardening equipment seem positively pedestrian.

Most unusual among stored items declared by respondents to the survey were:

1.    A tiger’s head
2.    Melted glacier water
3.    A quarter tonne of rice
4.    A nail bar
5.    Deceased spouse’s ashes
6.    Bee hives
7.    A quail
8.    An ex-wife’s wedding dress
9.    A model solar system
10. A false leg

Faced with the prospect of having to move their possessions out of their garage: roughly two-thirds of people across the UK would put them back into the house; 38% would dispose of them; while 31% would give them away to family and friends. Only 6% would be prepared to pay to put the items into storage.

Based on the study, Ecclesiastical has valued the contents of the average British garage, excluding any cars, at £2,472.

Commenting on the findings Dave Simms, Personal Lines Manager for Ecclesiastical Insurance, said:

“Lack of storage space is a big issue in many British homes. Leaving the car on the driveway and cramming as much of our stuff as possible into our garages seems to be the best solution we have.

“Garages have gradually become more and more popular as a storage solution. However, few of us realise just how much valuable stuff we’re putting in.

“Garages can be more vulnerable to theft than our homes, so we are potentially leaving ourselves exposed. They may be poorly protected and underinsured.

“This is a timely reminder to take stock and ensure your garage is secure.”

The survey found that just under half of all Britons (46%) have access to a garage. Just under three-quarters of these are single garages and just under a quarter have  double, although in Wales the percentage of the population with double garages rises to 39%.

Londoners are least likely to have a garage: only 27% of capital dwellers said they had access to one, compared with roughly half the population nationally (54%). People in the East of England are most likely to have access to a garage (56%).

The Welsh and residents of the North East of England are the most likely to be able to fit their car into their garage. Scotland, on the other hand, has the fullest garages in Britain.

The survey of 2,113 Britons was conducted over 14-17 August 2009 for Ecclesiastical insurance by independent research company YouGov.

Ecclesiastical has recently launched an online home contents calculator to help homeowners estimate the value of their home contents. The easy-to-use tool guides them through a virtual house, reminding them to include items in each room that are often missed in such calculations.

  • Brits now cram over £2,000-worth of possessions into their garages – but not their cars
  • 1-in-10 Brits works out in the garage
  • Wales is the land of the double garage
  • Scots have the nation’s fullest garages

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Today, Aviva, the UK’s largest insurance group, announced a new partnership with Dee Caffari as the racing team’s founding partner. Following four successful years as title sponsor of the world record-breaking yachtswoman, Aviva will be reducing its investment but retaining a close relationship with Caffari who will continue to act as a brand ambassador for the company.

Dee Caffari is now actively searching for a new title sponsor to support her next Vendée Globe campaign.

Aviva has supported Dee Caffari to three world records since 2005, including the Aviva Challenge and the gruelling 2008/9 Vendée Globe race. Having completed both circumnavigations, Caffari became the first woman to sail solo, non stop, around the world in both directions. More recently, Caffari and her all-female crew broke the mono-hull speed record around Britain and Ireland aboard her Open 60 racing yacht, Aviva.

Sarah Loughran, Head of Corporate Sponsorship at Aviva, commented:
“We’ve achieved some fantastic results with Dee over the last four years and Aviva is proud to be part of her team. Whilst we are reducing our involvement we want to retain a long term relationship and continue to be a part of Dee’s amazing journey towards her next attempt to win the Vendée Globe.”

The new partnership will enable Dee Caffari to compete in the last race of the season, the Transat Jacques Vabre, a 4,800 mile two-handed race from France to Costa Rica. Joining Caffari onboard Aviva will be fellow Brit and Vendée Globe race rival Brian Thompson.

Dee Caffari added: ‘Aviva and I have built up a strong relationship over the years and I am delighted that their support will enable me to compete in the last race of the year while I look for a new title sponsor. The opportunity to sail with Brian Thompson as my co-skipper is fantastic. We were so close during the Vendée Globe we almost feel we have sailed together already. We’re determined to put in a great British performance.”

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Aviva has today announced that John Kitson, sales & marketing director for their UK general insurance business, is to leave his post in March 2010.

John joined the then Norwich Union 14 years ago as head of brand and marketing, focused primarily on intermediary business. His current role on the UKGI board covers sales and marketing for both the direct and broker businesses, as well as RAC and partnerships.

Of his move, John said: “Usually when someone moves out of a role like mine and has no plans to go into another one there’s speculation about the reasons. But there’s no need to speculate because I won’t be popping up in a competitors’ office – ever!

“This is a personal choice to have a rest, go fishing, write a book, go to Norwich City FC away games, and take stock.

“I have enjoyed my time at Aviva but life moves on.”

Igal Mayer, chief executive of Aviva’s UK general insurance business has extended his warm thanks to John as well as looking to the future.

“I thank John for bringing so much to Aviva over the last 14 years, from driving the early growth of Norwich Union Direct to his recent prominent role in our rebrand to Aviva. We will miss him. On behalf of the entire Aviva team, as well as our brokers and partners, I wish him all the best in whatever his future holds,” he said.

Igal went on to say: “Alongside the news about John, we’ve been planning changes to our future Sales & Marketing team to take us forward, not just for the next six months whilst John very much remains our sales & marketing director, but for the long term future.”

After a period of transformation during which Aviva’s UK general insurance business has focused on reshaping the book, building core insurance capability and delivering the promise of scale, Sales & Marketing within Aviva UKGI is entering the next phase of its evolution, focused externally on our customers, brokers and partners to build on the platform for growth we have put in place. This will mean that the Sales & Marketing senior management structure will change over the next month.

John’s successor will be announced in due course to ensure an orderly transition. Janice Deakin will continue as corporate sales director until March 2010 when her current role will cease and she will take on a new role.

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    Democrats pushing for a drastic overhaul of the $2.5 trillion (1.51 trillion pound) U.S. healthcare system prepared for fresh battles Thursday after President Barack Obama set out new details on his top policy priority.

    Obama was scheduled to meet with his cabinet following his Wednesday address to Congress, which sought to overcome rising public scepticism over his ability to bring about healthcare changes that have eluded Democratic lawmakers for generations.

    “He has righted the ship of the Democratic caucus,” said freshman Democratic Representative Gerald Connolly, adding that he believed Obama made “a cogent case for why moderate Republicans and others committed to trying to fix the broken healthcare system ought to rally to his cause.”

    Republican reaction was far cooler, however, while the reaction of Wall Street would become clear when the stock market opens Thursday.

    Senate Finance Committee negotiators resume talks on Thursday in a last ditch bid to forge a bipartisan agreement to expand health insurance coverage, although committee chair Senator Max Baucus indicated Wednesday he was ready to go forward without any Republican support.

    The Census Bureau intends to release Thursday its new estimate on the number of Americans without health insurance. The most recent data, in 2007, put the number at 46 million but any rise could give fresh ammunition to Democrats urging basic changes in the U.S. insurance system.

    Obama hoped his speech would reclaim control of a debate that has bogged down in Congress amid a flood of criticism and dispute even as his own public approval numbers dropped.

    He said the overhaul would cut costs, improve care and regulate insurers to help protect consumers while expanding coverage. He repeated his pledge that the proposal, which would cost $900 billion over 10 years, would not increase the budget deficit.

    Medical malpractice issue

    As promised, he spelled out the concepts he wanted in any final bill passed by Congress, including affordable coverage for all Americans and creation of an insurance exchange where individuals and small businesses could shop for policies.

    He reiterated his support for a government-run insurance plan — the so-called “public option” — that has drawn strong opposition from critics who say it would harm insurance companies and amount to a government takeover of the industry. But he was clear that the lack of a public option in any final bill would not be a deal-breaker.

    Three committees in the House of Representatives and one other Senate panel have completed work on a healthcare bill, leaving the Senate Finance Committee as the final hurdle before each chamber takes up the issue.

    In a bid to win Republican support, Obama proposed a series of state demonstration projects on medical malpractice reform, a long-sought goal of Republicans. He also endorsed a proposal from his Republican foe in the 2008 presidential race, Senator John McCain, for a insurance pool for high-risk consumers.

    He said millions of uninsured Americans were living one illness away from bankruptcy, and others could not get insurance because of pre-existing conditions. He promised tax credits for individuals who cannot afford coverage.

    “We are the only advanced democracy on Earth — the only wealthy nation — that allows such hardships for millions of its people,” he said.

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    The Generali Group successfully closed a fixed rate Euro-denominated senior note issue, reserved to institutional investors, launched this morning.

    Due to strong demand, the order book grew to over € 6 billion, more than 3 times the total issue size set at € 1,750 million. The transaction is aimed at refinancing the entire Group debt maturing on 20 July 2010.

    The terms of the issue are as follows:

    • Issuer: Assicurazioni Generali S.p.A.
    • Issue Expected Rating: A1/A+/A+
    • Issue size: € 1,750 million
    • Date of launch: 9 September 2009
    • Date of payment: 16 September 2009
    • Due date: 16 September 2024
    • Coupon: 5,125%
    • First Coupon Date: 16 September 2010
    • Issue price: 98.552

    The issue is part of the Euro Medium Term Notes (EMTN) program, which was approved by the Board of Directors of Assicurazioni Generali and has a maximum ceiling of € 4 billion. The issue has been launched with the support of Mediobanca, Calyon and Morgan Stanley as Joint Lead Managers and Bookrunners. The issue will be listed on the Luxemburg Stock Exchange.

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    British insurer Standard Life announced on wednesday that the Chinese Regulators are in the final stages of approving a business combination whereby Bank of China would take a majority stake in Heng An Standard Life, a 50/50 joint venture partnership between Standard Life and Teda International.

    The company would then become a domestic insurance company. The commercial details, together with any further approvals required, are now being discussed between the parties.

    Bank of China has excellent distribution strengths and there continues to be significant growth potential across the fast developing life insurance industry in China. On successful conclusion of the negotiations Standard Life expect to establish a strong strategic and value enhancing partnership between Standard Life,  Teda International and Bank of China. A further announcement will be made.

    The deal, which would give Standard Life a smaller stake in a larger business, would, if approved, boost its distribution reach and turn the venture.

    “The commercial details, together with any further approvals required, are now being discussed between the parties,” Standard Life said in a statement.

    The insurer declined to comment on the value of a deal and on timing of a final decision by regulators.

    Heng An Standard Life, set up in 2003, is among the top five joint venture insurers in China.

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    Mutual insurance, investment and pensions group LV= has announced strong new business results for the six months ending 30 June 2009.

    Life & Pensions

    Life and Pensions total Annual Premium Equivalent (APE) was up 14% to £45.2m (H1 2008: £39.7m). This includes:

    • Retirement business APE £35.4m (H1 2008: £28.8m)
    • Savings & Protection APE £9.8m (H1 2008: £10.9m)

    General Insurance

    Overall insurance sales (Gross Written Premiums) up 92% to £397.5m (H1 2008: £206.5m), this includes:

    • New business GWP of general insurance products up by 61% to £106.9m (H1 2008: £66.6m) excluding Highway Insurance contribution (acquisition of Highway completed October 2008).
    • Direct business including aggregator increased to £61.3m (H1 2008: £47.4m).
    • Broker business up to £192.4m (H1 2008: £19.2m) and up 137% excluding Highway contribution.

    Asset Management (LVAM)

    • Total assets under management steady at £7bn at the half year (£7bn at 31 December 2008). Run-off from the legacy life book offset by market appreciation and LVAM sales.
    • Net new fund inflows of £213m in H1 2009.
    • LV= Managed Portfolios (primary proposition for IFA sales) accounted for 38% of net new fund inflows in H1 2009, despite being launched only at the end of July 2008.
    • Despite a volatile market environment, overall investment performance has remained robust both for the traditional with-profits portfolio, which is ahead of benchmark, and the more recently launched OEIC investment funds, many of which are performing above their peer group average.


    Mike Rogers, LV= Group Chief Executive, comments:     “Despite a difficult environment, our focus on attractive markets and helping customers to look after what they love has served us well. As a consequence, trading in the first half of 2009 was strong, with both sales and operating profits well up on the previous year.

    “In our life business, excellent cost control more than offset subdued market volumes for protection sales. Our retirement business continued to grow market share across the pension consolidation, enhanced annuity and equity release markets, although pension volumes were impacted by market volatility and proposed taxation changes.

    “Our general insurance business, benefiting from the integration of Highway Insurance, managed to more than offset exceptionally low investment returns through strong sales, rate increases, and improved underwriting performance.

    “In asset management there have been strong in-flows of funds from our life and general insurance franchises, and the business has also started to gain traction in the external market. Relative to benchmarks our investment performance was strong.

    “There seems little reason to believe that market conditions in the second half of 2009 will be any more favourable. However our momentum and competitive positioning mean that we expect sales to continue to trend higher, and costs to remain well contained.”

    Notes
    APE = Annual Premium Equivalent

    This is a measure comprising new regular premium sales plus 10 per cent of single premiums.
    GWP = Gross Written Premiums

    These represent the revenue (premiums) expected to be received over the life of the insurance contract.
    OEIC = Open Ended Investment Company

    OEICs are hybrid investment funds that have some of the features of an investment trust and some of a unit trust. Like investment trusts, OEICs are companies that issue shares on the London Stock Exchange, and which use the money raised from shareholders to invest in other companies. Unlike investment trusts, they are open-ended which means that when demand for the shares rises the manager just issues more shares.

    With an investment trust, if demand exceeds supply, the response may be a rise in the share price. The price of OEIC shares is determined rather differently. More like a unit trust, in fact, with the key factor being the value of the underlying assets of the fund. But in contrast to unit trusts, there is no bid/offer spread with OEICs, so the price of the shares should be the same whether you are buying or selling.

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    Jean François Lemoux, Managing Director for the International Branch at Groupama has decided to retire in September 2011. As a result the Groupama Management has decided to prepare for the succession in order to continue the dynamic international growth initiated.

    • Pierre Lefèvre, 53, Managing Director of the Italian subsidiary Groupama Assicurazioni since 2007, will join the International Branch with Jean-François Lemoux in September 2010 and will replace Mr. Lemoux on 1 January 2011.
    • Christophe Buso, 48, Managing Director of Groupama Centre-Atlantique for 6 years, will join Groupama’s Italian subsidiary in January 2010 as Deputy Managing Director. He will assume the position of Managing Director of Groupama Assicurazioni in September 2010. Italy today represents the leading foreign market for Groupama in terms of business, with revenues of €1.4 billion in 2008, and has approximately 1000 employees and 1000 general agents.
    • Helman le Pas de Sécheval, 43, Groupama Chief Financial Officer for 8 years, has been appointed by the Board of Directors of Groupama Centre-Atlantique as Managing Director of the Regional Mutual as of 1 January 2010. Groupama Centre-Atlantique covers 11 French departments, with over 1,600 employees and 380,000 clients, and generated €673 million in revenues in 2008.
    • Christian Collin, 55, Corporate Secretary and Director of Strategy and Human Resources for the Group since 2002, has been appointed Chief Financial Officer for Groupama as of 1 January 2010. His successor will be named in the coming weeks.

    In addition, Jean-François Lemoux will become an Advisor to the Chief Executive Officer of Groupama SA on 1 January 2011.
    These appointments illustrate Groupama’s desire to promote executive mobility and develop bridges among the various entities of the Group: the Regional Mutuals, Groupama SA, and the International subsidiaries.

    As a mutual and decentralised group, Groupama offers its managers the opportunity to diversify their skills and acquire both administrative and operational experience. This management policy is one of the key assets of Groupama.

    Biographies

    • Jean-François Lemoux, 61, a graduate of HEC, began his career in 1971 in the VIA group where he served successively as marketing manager, management controller, Director of Sales and Director of Life Insurance. In 1988, he joined the Athéna Group as the Managing Director of Proxima, a life insurance company specialising in group insurance. In 1990, he was appointed Managing Director of PFA Vie. At the same time, he directed a number of units in the Athéna group, including Athéna Communication and Athéna Health. In October 1998, he was appointed to the Management Board of GAN S.A. and Deputy Managing Director of Gan, and was responsible for the general networks (general agents and brokers). In September 2000, in addition to his responsibility for the GAN general networks, he assumed responsibility for new Group insurance Departments for France. Jean-François Lemoux has served as Managing Director International at Groupama since July 2003.
    • Pierre Lefèvre, 53, a civil engineer with a degree in mechanical engineering and industrial management, began his career with Unilever Benelux in the internal audit department in 1980. In 1984, he joined the AXA group, where he served in various management positions in Belgium (management control, Life and Property insurance) before moving to Great Britain in 1994 as Managing Director, then Chairman-Managing Director. He was named Chairman of the Management Board of AXA Nederland BV (Netherlands) in 1998, and joined Groupama Insurances in the United Kingdom as Managing Director in 2002. On 1 November 2007, Pierre Lefèvre was appointed Chairman-Managing Director of Groupama’s Italian subsidiaries.
    • Christophe Buso, 48, holds an MBA in corporate management from HEC and began his career in 1985 in human resources as recruitment manager at BNP. In 1988, he joined PA Consulting Group as advisor for recruitment and human resource management. In 1993, he joined Groupama Alpes-Méditerranée where he served successively as Human Resources Director and then Deputy Managing Director as of 1997. Early in 2004, he was named Managing Director, Groupama Centre-Atlantique.
    • Helman le Pas de Sécheval, 43, is a former student of the École normale supérieure, with a doctorate in physics and mining engineering. In 1991, he began his career as mission head in the financial engineering department of Banexi. From 1993 to 1997, he served as Deputy Inspector General of Careers for the City of Paris. In July 1997, he became deputy head of the operations and financial information unit of the French Commission des opérations de bourse (COB) before being promoted to head of the unit in 1998. Helman le Pas de Sécheval has served as Chief Financial Officer of the Groupama group since 5 November 2001.
    • Christian Collin, 55, is a graduate of the Ecole Supérieure de Commerce de Paris and the French- German Chamber of Commerce. He began his professional career in 1977 as mission chief within the Financial Department of Société Ciments Lafarge France. A year later, he joined the Tunisian Economic Development Bank as mission chief. In 1980, he joined the GAN Fire-Accident team, where he served as manager for the organisation department. In 1986, he was appointed Manager of the General Business Department in the Corporate Division of the GAN Group. He was promoted to Secretary of the Group in 1991 and, in 1996, assumed responsibility for the Strategy and Finance Department. After the privatisation in 1998, he was appointed Chief Financial, Legal and Tax Officer and Director of Strategic Marketing, Quality and Communication for GAN S.A. Christian Collin served as Group Legal, Tax and Logistics Director from January 2000, and was responsible for the restructuring of GAN and the merger of Groupama S.A. and GAN S.A. He was named Groupama Corporate Secretary in September 2002 and assumed responsibility for Strategy and Human Resources in 2005.

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      Leading international insurance group Groupama announces today the launch of Groupama Zastrahovane and Groupama Jivotozastrahovane on the Bulgarian market, which is the effect of the acquisition of DSK Garancia life and non-life insurance companies and their integration into the structure of the Group. The newly established companies will leverage the knowledge and expertise which have already been successfully deployed by the French company in the other 13 countries where it operates to become a significant player in both life and non-life insurance sectors.

      Groupama will focus on investing into the sales network and plans to innovate its product portfolio in 2010, with the aim to achieve dynamic market share growth, keeping long-term partnership relations with DSK Bank. The Bulgarian market itself offers important growth potential for the insurance sector as the level of penetration is relatively low. The penetration rate, according to the official data for 2008, shows 2.4% of the GDP allocated to non-life insurance and 0.4% to the life insurance (compared to 6,2% lfor ife insurance and 3% for non-life insurance in France).

      Groupama’s strategy in Bulgaria is based upon improvement of existing life and non-life products and the launch of new products that will reflect Groupama global expertise as well as needs of the local market. Key market growth product segments are casco, liabilities, cargo, agriculture as well as classical and structured unit-linked products. The company’s business model includes expanding and enhancing customer services in line with the Groupama strategy to focus on customer care, investments in human resources as the foundation for the long term success of the company and focusing on business systems optimization as to maximize efficiency and performance.

      Ognian Yordanov, General Manager of Groupama Zastrahovane and Groupama Jivotozastrahovane stated on behalf of the announcement: “I am confident that the integration into such strong company as Groupama will support dynamic growth and development of our local operation in Bulgaria. Our main aim is to use international experience and strength of Groupama to provide customers with modern and competitive insurance products and services, designed for their needs.”

      Groupama is one of the leading insurance companies, servicing more than 16 million clients worldwide and employing around 38 500 people. In 2008, it reported revenue of €16.2 billion (growth of 9.2% compared to 2007) and operational profit of €661 million, which is a growth of 66.1% compared to the previous year. The international operations generated revenues of €3.9 billion (growth of 39% compared to 2007), with the Group sustaining its growth dynamic in foreign operations by investing in distribution, leveraging its expertise along with all available cross-border synergies and actively pursuing its acquisition strategy.

      In the end of June 2009, DSK Garancia ranked on the Bulgarian market 9th in the life insurance sector with the market share of 3.3%, while in the non-life insurance segment DSK Garancia recorded market share of 0.4%, ranking it 17th among the companies on the local market.

      “Bulgaria is a market with remarkable growth potential for Groupama and our ambition is to assemble a strong development with a profitable growth. The combination of Groupama’s know-how and professionalism of our Bulgarian team, and the strong relations with our partner DSK bank, will allow us to be a dynamic player on the local market,” stated Mr. Erik Nagy, Director of Groupama CEE operations.

      Groupama has a long history and tradition, dating back to the late 19th century, when it was created by those in the farming community. Since then the company evolved into one of the top insurers on the French market, while the group expanded dynamically also its foreign operations focusing on the high growth markets, including for example Hungary, Romania, Slovakia, Turkey and since 2008 also Bulgaria.

      In Bulgaria, Groupama has 140 employees, based in 9 branches and 30 DSK points of sales all over the country.

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      Hong Leong Assurance (HLA) has appointed Loh Guat Lan as its chief executive officer, replacing Charlie Oropeza. Loh was previously the chief operating officer of Hong Leong’s life division and has a collective experience of 19 years in the insurance industry. In a statement, HLA said its life division’s share of the domestic market has increased to 8.5 percent last year, from 6.3 percent in 2007, for total annualised premium, under Loh’s watch.

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      Fire damage costs are at their highest since records began, says Insurer Aviva.

      Statistics from the Association of British Insurers show that fire claims rose again by a further 20% between the first half of 2007 and the first half of this year, with arson contributing prominently to the cost.[1]

      Allister Smith, property risk manager for Aviva, said: “Fire claims are at their highest and we are seeing an increasing number of arson claims crossing our desks. Over 40% of all fires in industry and commerce are now started deliberately.[2]

      “Because of the magnitude of the problem it is often an area that is overlooked and businesses really do have to take the threat of arson fires seriously and appreciate the opportunistic nature of most attacks. However, many risk management measures can be introduced to deter fire setting, and often at little or no cost to a business.

      “A fire will, at best, be disruptive to a business and, at worst, lead to death of and injury to employees, severe property and business interruption damage, and potentially the business closing down which can have further detrimental effects on employment and local communities.

      “Fire needs combustible materials in order to grow and one of the common causes of arson is through waste storage outside property on wheelie bins or pallets. We have seen devastating fire damage due to unsecured bins being pushed against buildings and the contents ignited, causing fire to spread.

      “Preventing or reacting to small incidents can avoid a major loss happening,” he said.

      In addition, fire damage to unoccupied and unfinished properties is a major concern for insurers. Each year there are around 9,000 fires in empty buildings3. If a vacant property is not regularly inspected, re-secured and repaired as required, an escalation in the frequency and size of incidents can be expected. This can also result in total destruction of the building.

      “The problems can typically affect empty buildings and can vary according to their general type and size. For example, weakening of a building structure may occur because of vandalism, damage caused when stripping out fittings, or the starting of small fires, which present problems to fire fighters.”

      “However, there are standard measures that can be put in place to reduce the risk of arson. Property owners should undertake risk management by implementing a number of cost effective measures.

      “The Regulatory Reform (Fire Safety Order) 2005 (RRO) emphasises that the owner or employer in every workplace has a legal responsibility for implementing and complying with the Order. Businesses should have a strategy in place for managing fire safety, which includes identifying the risk of arson and acting to reduce it.

      “Strict checks should be put in place before the premises are closed at the end of the working day. Doors and windows should be secure, alarm systems on, and combustible materials and flammable liquids safely stored away. Waste should be secure and out of reach.

      “Where a property is vacant or left unfinished, a regular inspection of the building, internally and externally, should be carried out at least every seven days. A weekly log of inspections should be kept, giving details of repairs that are needed along with arrangements made for these to be done and any defects that could potentially deteriorate further.

      “Perimeters around the property should be intact with good quality, well-maintained fencing, walls and gates and ensure entrances and windows are fully sealed and boarded up.

      “In addition, businesses should isolate electricity supplies, whilst ensuring there is enough power for intruder and fire alarms.  It is also important to maintain the efficiency of, or upgrade, the sprinkler systems since 99% of fires are controlled in buildings protected by sprinklers.”

      [1] www.abi.org.uk

      [2] Aviva claims data 2009

      [3]  www.aviva.co.uk/risksolutions/riskadvice/

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